Summary Information Only

Eligibility & Effective Dates

EligibilityAll PEBB-eligible employees may enroll for optional employee life insurance coverage. Some coverage amounts may require approval of a medical history statement by The Standard. Effective DatesIf you enroll during Open Enrollment, your coverage becomes effective January 1 of the new plan year. If you enroll outside of Open Enrollment, your coverage becomes effective the first of the following month or the first of the month following approval by The Standard if it requires a medical history statement.

Description of Benefits

Description of BenefitsThis is term life insurance. Term life insurance means that the insurance benefit is payable only if the insured person dies during period specified by the policy. The beneficiary receives the benefit payment if the insured person dies while covered under the policy. In this case, that is while the person is a PEBB-eligible state employee whose premium payments are current. The Standard pays the benefit upon death from any cause (excluding suicide during the first two years of coverage). If the covered individual dies by suicide during the first two years of coverage, The Standard will not pay the benefit but will refund the premiums paid during that period. This insurance does not accumulate any kind of cash value. Coverage LimitThe coverage limit for employee optional life insurance is $600,000.

Guarantee Issue

Guarantee Issue Guarantee issue means you don't have to give a medical history for insurance company approval of your application; the company can't deny coverage as long as you are eligible through PEBB. You may also enroll in up to $40,000 in coverage as guarantee issue within 30 days of your hire date or within 30 days of your initial eligibility.

Medical History Statement

If you want to enroll or increase the level of current coverage during Open Enrollment, (or as a newly eligible employee enrolling for more than guarantee issue), you may have to submit a medical history statement to The Standard. The Standard will base approval or denial of the coverage request based on review of your medical history. The Standard requires a medical history statement if you

Enroll after 60 days from your date of eligibility (initial period of eligibility)

Request coverage of more than $40,000 (if you are enrolling during your initial period of eligibility)

Enroll or want to increase your existing coverage during Open Enrollment

Your may download a medical history form, or you can provide the information to The Standard online. NOTE: Applications for coverage of $100,000 or more may require physical and laboratory exams coordinated by The Standard at their expense.

Premium Rates

You must self pay for this coverage. The state does not provide a benefit amount for optional employee life insurance coverage.

This life insurance is tobacco rated annually. Your life insurance premium rate is higher in the next Plan Year when you have used tobacco products in the 12 months prior to enrollment. Your premium rate increases when your age moves you into a new tier. The tier rate increase goes into effect on January 1 of the year following your birthday.

Tax Treatment

Beneficiaries

You choose the beneficiaries of your basic life insurance coverage and Optional Employee Life Insurance. If you do not name your beneficiaries, the designation reverts to the standard designation established by Oregon law. The standard designation pays benefits according to the chain of family beneficiaries. It automatically accounts for such life changes as marriage, divorce, death, birth or adoption within your family. You can make your beneficiary designations online or with a form. You will need to enter:

The legal name of the individual, will or trust, and relationship to you

The whole-number percentage you wish the individual, will or trust to receive from your benefit

Whether the individual, will or trust is a primary or a contingent beneficiary.

This designation will not change until you change it.

For Optional Spouse/Partner Life and Optional Dependent life, the employee is the beneficiary.

Portability and Conversion

Portability If you lose eligibility for this coverage, you may continue the coverage through portability. Portability rates are based on the employee rate you pay at the time you lose eligibility. You must apply for portability directly to The Standard within 60 days following your employment termination date. ConversionIf you become disabled, you may convert your coverage to a whole life individual policy. A whole life policy provides coverage for your whole lifetime (as long as premiums are current) rather than a specified term. You can apply for an individual policy of whole life insurance without submitting a medical history statement. You must apply for conversion directly to The Standard within 60 days of the date your coverage ends.